Unified Payments Interface, abbrieviated as UPI has become the biggest transaction interface in the country. Being an instant real-time payment interface UPI has 100million active users in it. Almost 143 Indian banks got registered on this platform. It is developed by NPCI (National Payments Corporation of India) and is regulated by Reserve Bank of India. NPCI facilitates the transactions through RUPAY cards, BHIM, IMPS, etc along with UPI. It is in force from 2016 and allows funds transfer between two different bank accounts. Using UPI one can transfer or receive money jus on his/her fingertips. This reduces the time of going to the particular bank and waiting for hours in the queue line to get your turn for completing your transaction.
The Mobile Platform UPI, allows an individual to link multiple bank accounts with registered mobile numbers and debit cards.UPI provides a VPA(Virtual Payment Address) or UPI through which on can transfer or receive money to their bank accounts. It also allows people to transfer money using mobile number. Bank account Number, IFSC code can also be used in money exchange. We can also request for the amount and there is a facility of messaging here.UPI generates a unique QR code for each individual through which one can send money just by scanning it. There are many more updates like payments of bills, mobile recharges, fund raisings and other business applications in this.
The transactions rose to high range this fiscal year states NPCI. The data showed that the number transactions have hit the record in July this year. The number of transactions being 149crores and the value of amount transacted is 2.91 lakh crores.July crossed the records of June which is 134 crore transaction with a value of 2.61 lakh crores.Last year July has recorded 82.23 crore transactions with a transaction value of 1.46 lakh crores.The value of transactions that took place in the period April-July 2020-2021 was 6.31 lakh crore with 631 crore transactions.
In the fiscal year 2019-2020, which is nothing but the financial year which is termed as the period known for taxation and accounting purposes the total no. of UPI transactions, were 1252crores with a cumulative value of 2.32 lakh crores. Cashless transactions are getting geared up day to day and the interfaces are reaching to each and every corner of the country. This is helping the banking sector in reducing the burden of numerous transactions in a day.
In the era of digital money UPI has got its own place in many transactions. They also provide special offers, promo codes and scratch cards etc for benefiting their users. It is a user friendly interface which is so simplified. The website of NPCI lists the names of banks that support UPI and people having accounts in the respective banks can happily use this application to make their transactions simplified and quick. Even this pandemic is also a reason in spiralling up of the no. of transactions day to day. People are realising that making digital transactions is safe in this time so that it could reduce the risk of spreading of virus. Raise in the no. of UPI transactions is good as it is a very legal way of money exchange.